Siemens withdraws from Osram, selling $1.4 billion worth of shares

October 09, 2017 // By Julien Happich
Siemens AG’s announced its decision to sell its shareholding of 18.155 million ordinary shares in Osram Licht AG representing 17.34% of Osram Licht AG's issued share capital. This amounts to about 1.2 billion euros, the net proceeds of which will be used for general corporate purposes.

The engineering company will only retain a small number of Osram shares required to service the remaining Siemens bond plus warrant issue due 2019.

Siemens's Chief Executive Officer Joe Kaeser noted the move came after Osram’s value more than doubled since an initial public offering in 2013, and a week after he unveiled a proposed combination of Siemens’s train business with that of  Alstom SA  of France.

Siemens - www.siemens.com